Textual Amendments
F1Pt. 9B inserted (1.3.2014 for the insertion of ss. 142A-142F, 142I, 142W-142Z1 for specified purposes, 21.4.2016 for the insertion of s. 142H) by Financial Services (Banking Reform) Act 2013 (c. 33), ss. 4(1), 148(5); S.I. 2014/377, art. 2(1)(b), Sch. Pt. 2; S.I. 2016/512, art. 2(a)
(1)If the appropriate regulator has given a preliminary notice under section 142M, it must either—
(a)if, having considered any representations made by any of the relevant persons, it still proposes to exercise the group restructuring powers, give each of the relevant persons a warning notice during the warning notice period, or
(b)before the end of the warning notice period, give each of them a written notice stating that it has decided not to exercise the powers and give a copy of that notice to the Treasury.
(2)The “warning notice period” is the period—
(a)beginning 3 months after the end of the period specified under section 142M(4) as that within which any representations must be made, and
(b)ending 6 months after the end of that period.
(3)Before giving a warning notice under subsection (1)(a), the appropriate regulator must—
(a)give the Treasury a draft of the notice,
(b)provide the Treasury with any information that the Treasury may require in order to decide whether to give their consent, and
(c)obtain the consent of the Treasury.
(4)The action specified in the warning notice may be different from that specified in the preliminary notice if—
(a)the appropriate regulator considers that different action is appropriate as a result of any change in circumstances since the preliminary notice was given, or
(b)the person concerned consents to the change.
(5)The regulator must, in particular, have regard to anything that—
(a)has been done by the person concerned since the giving of the preliminary notice, and
(b)represents action that would have been required in pursuance of the proposals in that notice.
(6)If the regulator decides to exercise the group restructuring powers it must give each of the relevant persons a decision notice.
(7)The decision notice must specify the date or dates by which each of the following must be completed—
(a)any disposal of shares, securities or other property that is required by the notice;
(b)any transfer of liabilities for which the notice requires arrangements to be made.
(8)The giving of consent for the purpose of subsection (4)(b) does not affect any right to refer to the Tribunal the matter to which any decision notice resulting from the warning notice relates.
(9)“The relevant persons” has the same meaning as in section 142M.]